Our study surveyed millennials between the ages of 22 and 32. Boomers surveyed were between the ages of 48 and 66.

Millennials talked about the barriers they faced when it came to saving money. For 87 percent of them, they literally didn't have “enough money to start saving” and another 81 percent were focused on paying down their debt first.

But there is a difference between perception and reality, and the fact is just about half (49 percent) have actually started to save for retirement. The remaining 51 percent are putting off saving for retirement until their 30s.

In our business, we fundamentally believe in the value of regular, disciplined saving no matter the level and at every age. We also believe that starting out young in a savings journey is crucial.

For this generation, especially, saving shouldn't be an “either/or” option. It's crucial for millennials to both manage their debt today and start saving for the future. This is a way for them to apply their multi-tasking expertise to their finances.

All the benefits of starting young are hard to make up later. Millennials who are disciplined at saving early, regularly and saving as much as possible can greatly benefit from the power of compounding. Ultimately, it may help them create a more confident financial future.

About half of millennials (52 percent) say they aren't very confident in investing in the stock market for retirement, but many are already in the stock market through an employer-sponsored plan. In fact, 72 percent who are saving said they are in a 401(k) plan.

Interestingly, millennials are career-minded. Three out of four surveyed (75 percent) feel the best way to get ahead financially is to work for a company that offers a career path. Ultimately, the key for millennials is to put a financial plan into action, so their beliefs become a reality.